All Forum Posts by: Marky Suazo

so far, no issues. 

i'm currently working with aaron chapman on a refi and he's been great.

@Zachary Schimenz were you able to find a property manager

@Stephen Akindona thank you for your response. It does help! that’s what I’ve heard , my issue is finding a lender that does this type of loan. Ive spoke to like 10 and they all told me I’m limited to purchase price. Do you know of any lenders doing the loan you described ?

Hello all,

I’m an out-of-state investor looking to make an all cash purchase on a single family home in Memphis TN. I currently own one financed single family investment property in Memphis. The returns here are attractive which is why I’m looking to make my second purchase. I am looking to buy a property in need of renovations, rent out the property and then refinance into a 30 year fixed rate mortgage. What is really important to me is the ability to pull out my initial capital, which would include the purchase price of the property and the cost of renovations. Ideally, I would like to avoid having to wait the traditional 6 month seasoning period. I have come to learn of a product some lenders offer , which is delayed financing. However , some lenders are telling me, banks won’t include cost of rehab in the refinance and I can only get the purchase price of the home before the 6 month period. Does anyone know or any lenders offering something sooner? — looking for recommendations.

Hello fellow BP members!

I'm currently looking at two properties right now and I'd like to get the insight of wiser minds than my own. IDeally, I am looking to implement the BRRRR strategy, or some similar variation. Both properties are single families located in memphis TN Below is a brief summary of each individual property:

Property 1: $39,200 3 bedroom 2 bath approximately 944 sq ft. Built in 1925. Zip code 38122. Tenant in place until Feb 2021 currently rented for $550. I saw a video walk through of the property. It's by no means a luxury property, but liveable. At the most it looks like it would need new cabinets, paint job and other small cosmetic items. Realtor basically described it as an ugly house that will provide immediate cash flow and could probably appraise for a price sufficient to pull out my initial capital without much work having to be done. My concern is will a house this old be a money pit and the fact that there's a tenant in place, how much rehab can i do.

Property 2 $50,000k 3 bedroom 1 bath approx 1200 sq ft. built 1958. zip code 38118. tenant vacating property at the end of the month. Comparable rents are approximately $750-850. Could possibly add a half bath. not sure have to get more details. Comp sales are between 60-70k. maybe higher if i can add the half bathroom. This property seems to be more of a traditional BRRRR in the sense that it would need more rehab work and I'd have to rent it out before i can refinance. My information on this property is limited since the realtor just brought it to me today.

I'd appreciate any insight or new perspective anyone could provide! I'm just brainstorming potential strategies. Thanks  everyone

@Philip Koller it'd be great to have you! once this Covid-19 madness passes, we can look into scheduling something. 

I'm curious to hear the opinions of other investors regarding this pandemic's effect on the foreclosure. Do you believe the foreclosure inventory will increase? will investors with access to capital and the ability to make all-cash offers stand to benefit from future deals? I'd love to hear your thoughts.

@Vaughn Smith oh okay , I’ll certainly check it out!

@Vaughn Smith Hi Vaughn,

Thank you for the info! Which meetup app are you referring to?